6 February 2026 Global Semiconductors and Semiconductor Capital Equipment Global Semis: Dec 2025 WSTS Tracker - Sales +4.8% MoM, above typical (2.2% MoM) & +41.3% YoY; FY25 grew 26% to $792B Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Mark Li +852 2123 2645 mark.li@bernsteinsg.com Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Aleksander Peterc +33 1 57 29 45 25 aleksander.peterc@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com Yipin Cai ...

2月11日上午，中芯国际（00981.HK/688981.SH）召开2025年第四季度业绩说明会，就在前 一晚，该公司披露了2025年第四季度及全年业绩。 数据显示，中芯国际2025年全年销售收入达到93.27亿美元，同比增长16.2%，创下历史新高； 归属于上市公司股东的净利润为6.85亿美元，同比增长39.1%。 但在营收规模扩张的同时，该公司第四季度毛利率环比下降2.8个百分点至19.2%，且其给出的 2026年第一季度毛利率指引为18%—20%区间。 进入2026年，存储芯片市场的价格波动加剧了供应链的紧张情绪。 根据市场调研机构Counterpoint发布的数据，截至2026年一季度，内存价格较2025年四季度出 现大幅上涨，存储成本的激增与终端消费复苏的迟滞形成挤压，导致手机及PC产业链上下游对库 存水位控制极为敏感。 中芯国际联合首席执行官赵海军在业绩会上表示，当前的终端需求下滑并非消费意愿消失，而是AI 爆发引发的供应链资源错配。 中芯国际联合首席执行官赵海军在业绩会上表示，当前的终端 需求下滑并非消费意愿消失，而是AI爆发引发的供应链资源错 配。 作者：郑晨烨 封图：图虫创意 他在业绩会现场 ...

证券日报网讯2月11日，芯海科技在互动平台回答投资者提问时表示，公司作为鸿蒙生态的战略合作伙 伴，截至2025年6月30日，已成功导入300余个鸿蒙智联项目商机，完成125个SKU的产品接入，终端产 品累计出货量超4000万台，尤其在个人护理、运动健康等领域实现多个智选项目量产。同时，公司产品 涵盖高精度ADC、MCU、嵌入式控制器芯片等，广泛应用于智能家居、可穿戴设备等领域。依托"模拟 +MCU"双平台技术优势及深度参与鸿蒙生态的积累，公司将持续响应政策导向，助力客户实现国产化 适配需求，为智能家居产业发展贡献力量。 ...

从存储到MCU，全链条价格重塑。 进入2026年以来，全球半导体产业链迎来新一轮全面涨价潮。从存储芯片到MCU，从晶圆代工到封装测试，从被动元件到连接器，涨价信号此起彼伏。 据《国际电子商情》不完全统计，截至目前已有超过20家国内外半导体企业正式发布涨价函。 本轮涨价潮的核心驱动力来自AI需求爆发引发的供需失衡，以及金银铜等原材料价格持续攀升带来的成本压力。 国产芯片厂商密集调价，涨幅最高达80% 2026年开年不足两个月，国产芯片行业已被涨价潮席卷。短短数日内，多家国内核心芯片企业接连抛出调价函，成为开年涨价潮中最受关注的行业信号。 1.国科微：存储产品最高涨幅80% 1月20日，国科微向客户发出正式涨价通知函，宣布自2026年1月起对多款合封KGD（Known Good Die）存储产品实施价格调整，以应对全行业供应链紧 张与成本攀升的压力。 根据通知函内容，本次调价主要受存储芯片供应紧张、原材料成本大幅上升以及基板、框架、封测等环节费用持续上涨的影响。具体产品调价幅度如下： | 产品型号 | 涨幅 | | --- | --- | | 合封 512Mb KGD 产品 | 40% | | 合封 1Gb KG ...

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $2,489 million, up 4.5% sequentially; gross margin was 19.2%, down 2.8 percentage points sequentially; profit from operations was $299 million; EBITDA was $1,405 million with an EBITDA margin of 56.5%; profit attributable to the company was $173 million [7] - For the full year 2025, revenue was $9,327 million, up 16.2% year over year; gross margin was 21%, up 3 percentage points year over year; profit from operations was $1,110 million; EBITDA was $5,256 million with an EBITDA margin of 56.4%; profit attributable to the company was $685 million; capital expenditures were $8.1 billion [8] Business Line Data and Key Metrics Changes - In Q4 2025, wafer revenue increased by 1.5% sequentially, while other revenue surged by 64% sequentially, mainly due to bulk shipments of MAX [16] - The overall 12-inch wafer utilization rate was nearly fully loaded, while the 8-inch utilization rate exceeded 100% [16] - For 2025, wafer revenue from 12-inch and 8-inch accounted for 77% and 23% respectively, with both segments increasing by 17% and 18% year over year [18] Market Data and Key Metrics Changes - Revenue from Chinese customers increased by 18% year over year, while revenue from overseas customers rose by 9% year over year [18] - By application, wafer revenue percentages were 23% for smartphones, 15% for computers and tablets, 43% for consumer electronics, 8% for connectivity and IoT, and 11% for industrial and automotive [19] - Absolute wafer revenue from industrial and automotive increased by more than 60% year over year, while consumer electronics revenue grew by more than 30% year over year [19] Company Strategy and Development Direction - The company aims to leverage technological reserves and advantages in segmented markets such as BCD, analog, memory, MCU, and mid to high-end display drivers to drive revenue growth [23] - The company plans to maintain high levels of investment to seize local manufacturing opportunities, which has driven rapid revenue growth but also increased depreciation pressure on gross margins [27] - The company is focused on optimizing internal operations to maintain high utilization and improve cost efficiency [27] Management's Comments on Operating Environment and Future Outlook - The management noted that the semiconductor industry is shifting towards localization, with domestic fabless companies gaining market share [17] - For Q1 2026, revenue is expected to be flat sequentially, with gross margin projected to be in the range of 18% to 20% [11] - The company anticipates that revenue growth in 2026 will be higher than the industry average, with capital expenditures expected to remain roughly flat compared to 2025 [24] Other Important Information - The company had total assets of $52.3 billion at the end of 2025, with total cash on hand of $11.9 billion and total liabilities of $17.3 billion [9] - The net cash generated from operating activities in 2025 was $3,194 million, while net cash used in investing activities was $6,495 million [10] Q&A Session Summary Question: Insights on AI and supply chain challenges - Management discussed the impact of AI on memory chip demand and the resulting supply constraints affecting mid to low-end markets [31] Question: Capital expenditure plans for 2026 - Management confirmed that capital expenditures for 2026 are expected to be around $8 billion, with a focus on maintaining high capacity utilization [33]

Financial Data and Key Metrics Changes - In Q4 2025, the company's revenue was $2,489 million, representing a sequential increase of 4.5% [8] - For the full year 2025, revenue reached $9,327 million, up 16.2% year over year, with a gross margin of 21%, an increase of 3 percentage points year over year [9][19] - The profit from operations for Q4 2025 was $299 million, while EBITDA was $1,405 million with an EBITDA margin of 56.5% [8] - The company reported a profit attributable to the company of $173 million in Q4 2025 [8] - Total assets at the end of 2025 were $52.3 billion, with total cash on hand of $11.9 billion and total liabilities of $17.3 billion [10] Business Line Data and Key Metrics Changes - Wafer revenue in Q4 2025 increased by 1.5% sequentially, with overall wafer shipments and blended ASP slightly increasing [17] - Other revenue surged by 64% sequentially, primarily due to bulk shipments of MAX at the end of the year [17] - The company maintained a utilization rate of 95.7% for 12-inch wafers, with the overall 8-inch utilization rate exceeding 100% [17] Market Data and Key Metrics Changes - Revenue from Chinese customers increased by 18% year over year, while revenue from overseas customers rose by 9% year over year [19] - By application, wafer revenue percentages were 23% for smartphones, 15% for computers and tablets, 43% for consumer electronics, 8% for connectivity and IoT, and 11% for industrial and automotive [20] - The absolute wafer revenue from industrial and automotive increased by more than 60% year over year, driven by the reshuffling of the automotive supply chain [20] Company Strategy and Development Direction - The company is focusing on local manufacturing opportunities and has maintained high levels of investment to drive rapid revenue growth [28] - The strategy includes addressing urgent market demands and leveraging technological reserves in segmented markets such as BCD, analog, memory, and MCU [24] - The company aims to optimize internal operations to maintain high utilization and improve cost efficiency amidst rising depreciation pressures [28] Management's Comments on Operating Environment and Future Outlook - Management noted that the semiconductor industry is shifting towards localization, with domestic fabless companies gaining market share [18] - The company expects sustained incremental growth opportunities in 2026, despite challenges from the memory macro cycle affecting the foundry sector [23] - For Q1 2026, revenue is expected to be flat sequentially, with gross margin guidance in the range of 18% to 20% [12][25] Other Important Information - Capital expenditures for 2025 were $8.1 billion, higher than initially projected, driven by robust customer demand and changes in the external environment [22] - The company added around 50,000 12-inch capacity in 2025 and continues to expand capacity in 2026 [26] Q&A Session Summary Question: Insights on AI and supply chain bottlenecks - Management discussed the impact of AI on memory chip demand and the resulting supply constraints in mid to low-end markets [32] Question: Future capital expenditure plans - Management indicated that capital expenditures for 2026 are expected to be roughly flat compared to 2025, with ongoing investments to seize local manufacturing opportunities [34] Question: Utilization rates and production capacity - Management confirmed that the utilization rates remain high, with expectations for continued capacity expansion despite external challenges [35] Question: Market demand and pricing pressures - Management acknowledged the pressure from rising prices for memory chips and the potential decline in demand for end products as a result [24]

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $2,489 million, up 4.5% sequentially; gross margin was 19.2%, down 2.8 percentage points sequentially; profit from operations was $299 million; EBITDA was $1,405 million, with an EBITDA margin of 56.5%; profit attributable to the company was $173 million [6][15] - For the full year 2025, revenue was $9,327 million, up 16.2% year over year; gross margin was 21%, up 3 percentage points year over year; profit from operations was $1,110 million; EBITDA was $5,256 million, with an EBITDA margin of 56.4%; profit attributable to the company was $685 million [8][18] Business Line Data and Key Metrics Changes - In Q4 2025, wafer revenue increased by 1.5% sequentially, while overall wafer shipments and blended ASP slightly increased; other revenue surged by 64% sequentially due to bulk shipments of MAX [15] - For 2025, wafer revenue from 12-inch and 8-inch accounted for 77% and 23% respectively, with both segments increasing by 17% and 18% year over year [18] Market Data and Key Metrics Changes - Revenue from Chinese customers increased by 18% year over year, while revenue from overseas customers rose by 9% year over year; revenue percentages from China, America, and Eurasia were 85%, 12%, and 3% respectively, remaining flat compared to the previous year [18] - The overall 8-inch utilization rate exceeded 100%, and the overall 12-inch was nearly fully loaded, reflecting strong demand and industry reshuffling [16] Company Strategy and Development Direction - The company is focusing on local manufacturing opportunities and maintaining high levels of investment to drive revenue growth, while also addressing high depreciation pressure on gross margins due to new fabs ramping up [21][23] - The company aims to leverage its technological reserves and advantages in segmented markets such as BCD, analog, memory, and MCU to navigate the current industry development cycle [21] Management Comments on Operating Environment and Future Outlook - Management noted that the semiconductor industry is experiencing a shift towards localization, with domestic fabless companies gaining market share; the company expects sustained incremental growth opportunities in 2026 [17][21] - The guidance for Q1 2026 indicates flat revenue sequentially, with gross margin expected to be in the range of 18% to 20% [11][22] Other Important Information - Capital expenditures for 2025 were $8.1 billion, driven by robust customer demand and changes in the external environment; monthly capacity reached 1,059,000 standard Logic 8-inch equivalent wafers by year-end [19] - The company’s total assets at the end of 2025 were $52.3 billion, with total cash on hand of $11.9 billion and total liabilities of $17.3 billion [9] Q&A Session Summary Question: What are the expectations for the AI and memory chip markets? - Management discussed the robust demand for memory chips driven by AI, which has created supply constraints in other application sectors, particularly affecting mid to low-end markets [21] Question: How is the company addressing the depreciation pressure on gross margins? - The company plans to focus on internal optimization to maintain high utilization and improve cost efficiency through operational enhancements [23] Question: What is the outlook for capital expenditures in 2026? - Capital expenditures are expected to be roughly flat compared to 2025, with continued capacity expansion planned [22]

其背后根本原因在于汽车产业对安全性的极致追求。消费电子芯片失效，往往只是体验受损；而车 规芯片一旦出现问题，可能直接影响行车安全。正是这种风险等级的差异，决定了车规芯片从设 计、制造到量产应用，必须遵循远高于消费电子的体系化要求。 这种要求首先体现在长期稳定性上。车型生命周期叠加售后维保需求，使车规芯片必须在多年时间 内持续供货，工艺参数难以频繁调整，良率波动需要被严格约束，任何异常都必须具备完整的可追 溯性。同时，车规芯片还要在更宽的温度区间和更复杂的工况下保持性能一致，这对工艺窗口控制 和制造一致性提出了更高标准。 根据 IDC 的估算，截止到 2025 年，中国成熟制程芯片产能占全球约28%；SEMI预测显 示，到 2027 年这一比例有望提升至 39%。成熟制程不再只是"补位产能"，而正在演变为全 球制造格局中的关键变量。因为需求长期稳定、规模庞大，成熟制程在全球范围内掀起了一 轮扩产潮，各方扎堆布局同一技术节点，产能快速释放的同时，也催生了结构性过剩的隐 忧。 当产能不再是稀缺资源，代工厂面临的核心问题也随之转变：竞争焦点从产能供给转向产能价值与 车规特色工艺。对下游的客户而言，真正的痛点早已不是" ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7] Core Insights - The company is expected to achieve a revenue of approximately 81.90 billion yuan in 2025, representing a year-on-year growth of about 25.83%. The net profit attributable to the parent company is projected to be around -5.77 billion yuan, indicating a reduction in losses by approximately 3.85 billion yuan [5][6] - The company has established a diversified growth pattern with four major product lines, driven by market demand upgrades, accelerated domestic substitution, and policy benefits. The utilization rate of production capacity remains high, and the company is enhancing its market competitiveness through continuous technological innovation and deepening customer relationships [6] - The gross profit margin is expected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year, supported by scale effects and operational efficiency improvements [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 81.90 billion yuan, 102.50 billion yuan, and 128.30 billion yuan, respectively. The net profit attributable to the parent company is expected to be -5.8 billion yuan, 0.6 billion yuan, and 6.3 billion yuan for the same years [7][9] - The company is expected to show significant improvement in profitability, with a projected net profit margin turning positive by 2026 [9][12] Relative Valuation - The company operates in the semiconductor industry, focusing on MEMS, IGBT, MOSFET, and other integrated circuits, providing one-stop chip system foundry solutions for various sectors including automotive and industrial control. It is recognized as a leading domestic foundry for automotive-grade IGBT/SiC chips and modules [10][11] - The average price-to-book (P/B) ratio for comparable companies is 4.83x, while the company's projected P/B ratio for 2026 is 3.51x, indicating potential undervaluation [11]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve a revenue of approximately 81.90 billion yuan in 2025, representing a year-on-year growth of about 25.83%. The net profit attributable to the parent company is projected to be around -5.77 billion yuan, indicating a reduction in losses by approximately 3.85 billion yuan [5][6] - The company has established a diversified growth pattern with four major product lines, benefiting from market demand upgrades, accelerated domestic substitution, and policy incentives. The utilization rate of production capacity remains high, and the company is expanding its customer base and deepening cooperation [6] - The gross profit margin is expected to reach 5.92% in 2025, an increase of approximately 4.89 percentage points year-on-year, driven by scale effects and operational efficiency improvements [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 81.90 billion yuan, 102.50 billion yuan, and 128.30 billion yuan, respectively. The net profit attributable to the parent company is expected to be -5.8 billion yuan, 0.6 billion yuan, and 6.3 billion yuan for the same years [7][9] - The company is expected to show significant improvement in profitability, with a projected net profit margin turning positive by 2026 [9][12] Relative Valuation - The company operates in the semiconductor industry, focusing on MEMS, IGBT, MOSFET, and analog ICs, providing one-stop chip system foundry solutions for various sectors including automotive and industrial control. It is a leading domestic foundry for automotive-grade IGBT/SiC chips and modules [10][11] - The average price-to-book (P/B) ratio for comparable companies is 4.83x, while the company's projected P/B ratio is 3.72x for 2026, indicating potential undervaluation [11]